U.S. distillate stocks at comfortable level

The crude oil production posted a solid growth, and thereby increased global oil stock. The oil production seems to have reached its peak, as it started falling week-on-week.

The distillate stocks fell by 791,000 barrels as demand for the commodity increased. Gasoline stocks, in contrast, increased by 1 million barrels, as a result of, fall in demand. At present, US distillate stocks are 22% above the last year's level and 11% above the five-year average, notes Commerzbank.